Gary

Coin

<ul class="news-points"> 
 <li>FTX Co-Founder Gary Wang’s admitted guilty to financial fraud and implicated Sam Bankman Fried.</li> 
 <li>Former FTX software developer Adam Yedidia’s testimony revealed that FTX was using customer deposits to repay Alameda’s loans.</li> 
 <li>Yedidia said, “FTX defrauded all its customers.”</li> 
</ul> 
October 5 was the third day of <a href="https://coinedition.com/tag/bankman-Fried/">Sam Bankman-Fried</a>’s trial, and three people testified.&nbsp; FTX Co-Founder Gary Wang, Former FTX Software Developer Adam Yedidia, and Paradigm Co-Founder Matt Huang. 
Gary Wang was the co-founder of FTX and Alameda Research, and he pleaded guilty to committing wire fraud, securities fraud, and commodities fraud. The prosecution began the testimony by asking Wang, “Did you commit financial fraud while working at FTX?” which Wang confirmed. 
The prosecution asked Wang if he saw any of the people with whom he committed fraud in the courtroom, to which “he stood up, spotted Sam Bankman-Friend, and said yes,” according to CNBC. Furthermore, Wang was also FTX’s chief technology officer and claimed that SBF directed him to place code inside FTX’s software, which gave special privileges to Alameda. 
The code, according to Wang, gave Alameda “special …
The post <a rel="nofollow" href="https://coinedition.com/sam-bankman-frieds-trial-ftx-co-founder-admits-to-financial-fraud/">Sam Bankman-Fried’s Trial: FTX Co-Founder Admits to Financial Fraud</a> appeared first on <a rel="nofollow" href="https://coinedition.com">Coin Edition</a>.

Sam Bankman-Fried’s Trial: FTX Co-Founder Admits to Financial Fraud

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